Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Harvard University, Mass.' $480 million series 2010A tax-exempt, fixed-rate revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' long-term rating on the university's revenue bonds and its 'A-1+' short-term rating on the university's variable-rate demand bonds and commercial paper (CP) notes, issued by the university or various authorities. The 'AAA' rating reflects our assessment of the university's: Impressive level of financial resources provided by an endowment of $26.0 billion as of June 30, 2009, despite a steep reduction in market value from $36.9 billion at June 30, 2008, and expendable resources equal to 6.3x adjusted fiscal 2009 operating expenses and 4.1x post-issuance debt estimated as of
